The Reserve Bank of India has announced a facility for banks to process and settle import and export payments supported by online payment gateway service providers (OPGSPs). The facility shall only be available for the import of goods and software (as permitted in the prevalent foreign trade policy) of a value not exceeding $2,000 and for the export of goods and services (as permitted in the prevalent foreign trade policy) of a value not exceeding $10,000 per transaction.
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